SMIC seeks cheap funding with super short-term Panda

By Rebecca Feng

11 Oct 2019

Hong Kong-listed chipmaker Semiconductor Manufacturing International Corp has sealed a Rmb1.5bn ($211m) Panda bond, opting for a super short-term tenor for the many advantages it offers, said sources close to the situation.

Lead underwriter Citic Bank set the price guidance range for the 75-day bond at 2%-3.5% on Wednesday evening, according to a filing with the Shanghai Clearing House. The deal was priced on Thursday at 2.5%, according to documents filed with the Shanghai Clearing House.